BoG Archives - Page 8 of 22

06 Feb

BoG Gains Plaudits For Making Economic Data More Accessible On Its Database Portal

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An Economist Dr Theo Acheampong has applauded the Bank of Ghana (BoG) for making economic data more accessible through the new Database Portal. The central bank on Monday Febraury 5 announced to the general public the launch of the Beta Version of the Bank of Ghana Database Portal, which aims at providing a single environment for extracting and visualizing macroeconomic data. The provision of this portal is in line with international best practice and the Bank’s commitment to greater transparency associated with its inflation targeting framework of monetary policy. The portal will also help meet data request demands from the general…

05 Feb

Bank Of Ghana Approves RightCard To Operate Remittances To Ghana

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RightCard Payment Services Limited (LemFi) is proud to announce that it has obtained approval from the Bank of Ghana (BoG) to resume its remittance services to Ghana with some of its approved partners. This is consistent with RightCard’s (LemFi) commitment to providing secure and efficient services while complying with the set regulatory framework by the Bank of Ghana. Today, RightCard (LemFi) has formally announced the resumption of its services to Ghana, following a temporary suspension of its money transfer services to Ghana in November 2023. RightCard Payment Services Limited (LemFi) can now deliver its services in Ghana through payment companies,…

05 Feb

BoG Launches Beta Version Of Macroeconomic Database Portal

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The Bank of Ghana (BoG) has launched the Beta Version of the bank’s Database Portal. This is part of efforts at providing a single environment for extracting and visualising macroeconomic data. The provision of this portal is in line with international best practice and the Bank’s commitment to greater transparency associated with its inflation targeting framework of monetary policy. The portal will also help meet data request demands from the general public and support research work. The data contained in the portal is organised along five main Economic Sectors as follows: ▪ External Sector ▪ Financial Sector ▪ Fiscal Sector ▪ Monetary Sector ▪…

01 Feb

Business Confidence Increases Significantly – Governor Addison

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The Bank of Ghana (BoG) says its latest survey conducted in December 2023 showed a strong rebound in both consumer and business sentiments, reflective of the signs of recovery, Governor Dr Ernest Addison has said. Consumer confidence, he said, improved on account of easing inflationary pressures which led to optimism about future economic conditions. Similarly, he added, business confidence increased significantly, signalling improving consumer demand, as firms met short-term targets and expressed positive sentiments about company and industry prospects. The survey findings were broadly aligned with observed trends in Ghana’s Purchasing Managers’ Index (PMI), which improved to 51.8 in December…

01 Feb

Ghana’s Banking Sector Remains Stable, Liquid, And Profitable – BoG Boss

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Ghana’s banking sector’s performance improved as adverse spillovers from the domestic debt restructuring and macroeconomic challenges receded, Governor of the Bank of Ghana (BoG) Dr Ernest Addison, has said. As of the end of 2023, he said, the data shows that the banking sector remains stable, liquid, and profitable. Profitability improved for the sector from the loss position recorded in the 2022 audited accounts, reflecting sustained increases in net interest income and fees and commissions, he stressed. “The industry’s balance sheet was generally strong, underscored by increased assets in December 2023, funded largely by deposits. Key financial soundness indicators remained…

01 Feb

Our Strong Policies Helped Push Inflation Down Drastically – BoG

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The Bank of Ghana has said its strong policies coupled with a relative exchange rate stability, and effective liquidity sterilization efforts pushed inflation down drastically. According to the January 2023 Monetary Policy Report, the disinflation process, which began earlier in the year, continued through to the last quarter of the year will continue. This has been buttressed by the Fitch Solutions and other research firms. For instance, UK-based, Fitch Solutions, said inflation will ease throughout 2024 averaging 18% in 2024. Headline inflation sharply decelerated to 23.2% in December 2023, from a peak of 54.1% at the end of December 2022.…

30 Jan

Banks Ahead Of Recapitalisation Plans — Governor

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Banks in the country are way ahead of their recapitalisation plans and are in line to restore their capitals before the 2026 deadline, Governor of the Bank of Ghana, Dr Ernest Addison, has said. He said looking at the 2023 performance of the banks so far, it had become clear that a lot of them could even recapitalise from the profits they made in 2023. He said there was therefore no cause for alarm, as banks continue to demonstrate their strength and resilience. Addressing the media at the 116th Monetary Policy Committee press conference, Dr Addison said a few of…

29 Jan

BoG Approves Recapitalisation Plans Of Undercapitalised Banks – IMF

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The Bank of Ghana has approved the recapitalisation plans submitted by undercapitalised banks, the Staff Report by the International Monetary Fund dubbed “2023 Article IV Consultation” has stated. Undercapitalised banks will at a minimum inject one-third of the capital required annually for each of the three years ending in 2025 to reach a 13.0% Capital Adequacy Ratio without regulatory forbearance. So far, most banks have submitted their recapitalisation plans. “The BoG [Bank of Ghana] will initiate corrective measures by end-March 2024 against banks that fail to uphold these recapitalisation requirements (new structural benchmark). In the short term, the BoG [Bank…

29 Jan

Pressure Mounts On BoG To Reduce Policy Rate — Chamber Of Commerce Latest To Push

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Pressure is mounting on the Monetary Policy Committee of the Bank of Ghana (BoG) to reduce the policy rate to enable a positive effect on the cost of borrowing in the country. As part of its mandate, the committee, otherwise known as MPC, has been using the policy rate as a key tool for checking inflation. The rate currently stands at 30 per cent with a corresponding impact on interest rates which hovers at an average of 32 per cent, a development which is stifling businesses because of their inability to borrow at such an exorbitant rate. Many experts have…

09 Jan

We Recorded Zero BoG Financing From 2017 To 2019 And 2021 Until Covid-19 Set In – Governor

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The Governor of the Bank of Ghana, Dr. Ernest Addison, has stated that his administration started with a robust fiscal stance as the central bank financing from 2017 through to 2019 and 2021 was zero, even though the Bank of Ghana Act pegged it at 5% of the previous year’s tax revenue. According to him, this pushed inflation down quickly. Therefore, he added, the monetary policy rate also came down, and growth rebounded strongly, alluding that “This was the context for the first three years of the current administration”. Furthermore, the Governor said on the sidelines of the ECCB 40th…